The Insurance coverage Council of Australia (ICA) is collaborating with Shift Expertise and EXL to determine a brand new insurance coverage fraud detection platform.
The initiative will make it doable for insurers throughout the nation to share knowledge on fraudulent claims and coordinate investigations, starting with automobile insurance coverage as the primary space of focus.
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This platform will probably be developed in partnership with the Insurance coverage Crime Intelligence Community of Australia (ICINA), ICA’s counter-fraud and scams division.
It can assist safe sharing of details about fraud patterns amongst collaborating insurers.
Work on the platform is anticipated to begin in early 2026 by utilizing knowledge analytics to alert investigators in actual time if suspicious exercise is detected.
The system will permit insurers to work collectively on circumstances involving organised insurance coverage fraud and deal with fraudulent exercise by repeat offenders.
Comparable methods utilizing Shift Expertise are already in use by insurance coverage associations in a number of nations together with the UK, Canada, France, Hong Kong and Singapore.
Privateness, safety and governance measures type a central a part of this programme, the joint press launch mentioned.
Information shared between insurers will use privacy-focused strategies, strict role-based entry controls and end-to-end encryption.
A governance framework will oversee operation of the platform, with authorized supervision and technical controls designed to adjust to Australian regulatory necessities and related certifications.
ICINA CEO Andrew Gill mentioned: “The insurance coverage trade has fought fraud for many years, however fraudsters have tailored to our digital transformation. In the present day’s organised networks exploit on-line providers with growing sophistication, driving up prices for sincere prospects.
“In the present day’s announcement is the trade’s most complete response to fraud. By connecting insurers by means of safe, real-time intelligence sharing, we’re creating an early warning system that identifies fraudulent patterns throughout the complete market – stopping criminals earlier than claims are paid.”
